Swyftx's CEO admitted the company had grown too fast. He attributed the decision to the continued downturn in the crypto market and shaken trust as a result of FTX, though Swyftx says they had no direct exposure to the bankrupt crypto exchange.
Swyftx lays off another 40% of employees
Orthogonal Trading is insolvent, defaults on $36 million in loans
On December 3, Orthogonal Trading admitted to Maple that they were unable to meet loan repayments. The group was unable to repay a $10 million loan due the following day. The group has $36 million in liabilities across various loans on Maple's USDC and wETH pools.
Orthogonal Credit, a sister group to Orthogonal Trading, published a blog post distancing themselves, writing that they were "shocked and dismayed" by Trading's misrepresentation. "We are speechless by the extent of the exposure and liquidity position of Orthogonal Trading’s book of business," they wrote. They attributed the insolvency to FTX exposure.
- "Maple Severs All Ties With Orthogonal Trading", Maple
- "Maple Finance Severs Ties With Orthogonal Trading, Alleging It Misrepresented Financial Position", CoinDesk
- "Statement from the Orthogonal Credit Team — December 5th 2022", Orthogonal Credit Medium
- "Orthogonal Trading defaults on $36 million of loans on Maple Finance", The Block
Bybit lays off another 30% of employees
In a Twitter thread, Bybit CEO attributed the layoffs to the "deepening bear market" and said the layoffs touch all departments.
"We are all saddened by the fact this reorganisation will impact many of our dear Bybuddies and some of our oldest friends," he wrote. On the bright side, they no longer have to be called "Bybuddies".
Genesis owes $900 million to customers of Gemini Earn
Gemini has formed a creditor committee to try to recoup funds from Genesis, as well as Genesis parent company DCG.
- "Crypto broker Genesis owes Winklevoss exchange’s customers $900mn", Financial Times
AAX customers search for executives
On November 28, the company's vice president for global marketing and communications acknowledged that he had resigned from the company, explaining on Twitter that "I did fight for the community but none of the initiatives we came up with were accepted."
Upon realizing that the exchange was unlikely to resume withdrawals, some customers have taken it upon themselves to try to find AAX's executives. Some showed up at the Hong Kong headquarters, only to find it deserted. Another user appeared at their Singaporean coworking space, also to find it empty. Users have been posting leaked personal identity documents of listed executives on Telegram, hoping to locate them.
Oracle attack on Helio, enabled by a separate hack on Ankr, allows attackers to steal $15 million
Ankr defi project exploited for over $5 million
The attacker, and possible subsequent copycat attackers, used a vulnerability in the project smart contract to mint quadrillions of aBNBc, which they then swapped to various other tokens.
Binance halted trading on aBNBc tokens, as well as on HAY tokens, a stablecoin project that was subsequently exploited. Ankr also tweeted that "We have been in touch with the [decentralized exchanges] and told them to block trading", although decentralized exchanges are typically not supposed to be able to "block trading".
Ankr later blamed the hack on an employee, who they say had inserted malicious code into the protocol that was used to exfiltrate the private key.
Maersk and IBM announce the discontinuation of their blockchain-based TradeLens platform
The idea was to use a private blockchain to "promote more efficient and secure global trade" by allowing shipping companies to share information including shipping container contents and tracking. However, it was apparently tough to convince these companies to actually adopt the project, and Maersk and IBM pulled the plug.
Auros misses loan payment due to FTX exposure
In total, Auros has 8,400 wETH (~$10.7 million) and $7.5 million in USDC in loans from M11 credit pools, plus another $2.4 million in loans from the Clearpool defi lending project, for a total of more than $20 million in unsecured loans.
Kraken pays over $360,000 to settle violations of sanctions against Iran
The OFAC investigation was first revealed in July, in reporting from the New York Times.
- Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Payward, Inc. ("Kraken"), U.S. Department of the Treasury